California Loans News

During the Mortgage Bankers Association’s Annual Convention in San Diego, the Mortgage Outreach Services (MOS) publicized the launch of its innovative “E-Z Mod Technology”. MOS devised this program through dealing with over 100,000 borrower cases since the administration’s implementation of the Home Affordable Modification Program (HAMP).

MOS, a California-based Company, succeeded in thinking of a way in order to the industry’s biggest obstacles regarding the efficient completion of loan modifications. It aimed to troubleshoot the increasing number of cases entitled for re-tooling and the document-heavy process required to push borrowers through the trial phase.

E-Z Mod addresses these problems by increasing the loan level transparency on the status of each document, streamlining the tracking of files and communication, and keeping its members focused on reaching a specific target in order to achieve the completion of full loan packages for its patrons. It is currently being used to make necessary HAMP modifications, as well as different investor-specific programs.

According to Greg Hebner, President of the MOS Group, one of the biggest challenges that HAMP creates is the need to entail its borrowers to return required documents accurately and on time. Through E-Z Mod, clients can be aided by significantly increasing their modification completion percentage while reducing the costs caused by repetitive, excessive, and unnecessary borrower contact on the same loan file.

The large number of documents required to obtain a full HAMP package and the specific underwriting guidelines mandated efficiently use technology to meet the administration’s goals. With E-Z Mod, a transaction that usually took ten or twelve phone calls can be precisely handled with one or two calls to the borrower.

The launching of HAMP and the Home Affordable Refinance Program (HARP), allowed MOS group to remarkably work with 90,000 borrowers out of the 700,000 modification offers extended by HAMP.

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